Chase has largest amount of deposits by a wide margin here

[Anonymous]

Even with all the banks around, none of the banks seem to even come close to matching the in branch deposits at Chase.  Seems like this lead hasn’t changed.  And it isn’t like Chase routinely gives out high interest rates either but does provide lots of bonus offerings and things like free trade commissions and fee waivers which is a lot more financially lucrative than higher savings rates found elsewhere.  

Was shopping for a business checking account and it looks like Chase also has a high customer satisfaction rate as well compared to other banks.  I wonder when other banks will step up their game and provide stronger competition to Chase which at this moment has not happened as of yet.  Market seems to be very lopsided based on in branch deposits.  

[iced]

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@Anonymous wrote:

Even with all the banks around, none of the banks seem to even come close to matching the in branch deposits at Chase.  Seems like this lead hasn’t changed.  And it isn’t like Chase routinely gives out high interest rates either but does provide lots of bonus offerings and things like free trade commissions and fee waivers which is a lot more financially lucrative than higher savings rates found elsewhere.  

Was shopping for a business checking account and it looks like Chase also has a high customer satisfaction rate as well compared to other banks.  I wonder when other banks will step up their game and provide stronger competition to Chase which at this moment has not happened as of yet.  Market seems to be very lopsided based on in branch deposits.  

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Three thoughts come to mind:

1. Different strokes for different folks. Not everyone cares about or needs free trading or waivers or even quality of customer service. Some banks will find their niche of customers and work toward retaining them instead of trying to take over the world.

2. It's a competitive market, and there's not as much margin for the smaller guys to shoot themselves in the foot in the name of "stepping up their game" against the big fish. It's not worth going after the Chases of the world if you're going to lose money while trying to keep up.

3. The economy is VERY lopsided, so averages and aggregates mean very little in today's finance world. Median is a bit stronger, but still not a true indicator. By this I mean a bank like Chase can have the highest cash amounts on deposit, but all it takes is a couple of 0.1%ers or major multinational corporations to skew those numbers, which are the types of clients Chase goes after. Those customers have special relationships the average person will never have access to, and one 0.1%er can have more cash on deposit than 100,000 regular customers.

[Anonymous]

Using my friend Google, the following information dated November 20, 2018 showed:

The Top 10 Banks in America

• JPMorgan-Chase. The largest bank in the country and the sixth-largest in the world, the Federal Reserve reports JPMorgan-Chase as holding close to $2 trillion in worldwide assets as of the end of last year. ...
• Bank of America. ...
• Wells Fargo. ...
• Citi. ...
• US Bancorp/U.S. Bank. ...
• PNC. ...
• Bank of New York Mellon. ...
• State Street.

[Revelate]

For all that things are measured in aggregate, Chase admittedly has been pushing further.

They're not the bleeding edge, but they have absolutely no qualms seeing a good idea and then going and doing it.  

When I was doing my Sapphire Banking conversion I got to see one of their internal presentations: Chase is actively trying to improve things.  To be fair, one of my contracts is at another bank and they're actively trying to improve things too... the interesting thing is now Chase and them are going after the same customers, namely because Chase saw a business opportunity there.

It's going to be interesting: I don't consider Chase to be the Amazon of banking (or anything close frankly), but they're pushing... and some other banks (*cough* Wells Fargo) are just trying to stop the bleeding currently.  Citi was going through some awkward gyrations a few years back as I recall in their wealth management space, I don't even know where BOFA is these days, but suffice to say Chase has been executing well.